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Indian Indices - Live Markets

MARKET HIGHLIGHTS
Jan 20, 16:16 IST

Rajesh Bhosale, Equity Technical Analyst, Angel One

On the weekly expiry day, Nifty began on a negative note and as prices broke below key support levels, a cascading sell-off ensued, leading to sharp declines through the session. Eventually, Nifty ended the day with a loss of 1.38%, closing tad above the 25200 mark.

Over the last 15 days, Nifty has erased more than 1,100 points and in the process has broken multiple key support levels, indicating that weakness may persist in the near term. On the daily chart, prices have slipped below the November swing low and also closed below the golden retracement level (61.8%) of the entire upmove from the September swing low near 24600. On the indicators front, the RSI Smoothened has entered the oversold zone below 25 for the first time since August; however, considering the broad-based nature of the sell-off, attempting to catch the bottom may be premature.

From a levels perspective, prices are now at a knocking distance of the long-term 200-DSMA, with 25100–25000 emerging as a crucial support zone for the coming sessions. On the flip side, given the sharpness of the recent decline, identifying a precise resistance zone is challenging; nevertheless, the 25500–25600 region is likely to act as a stiff hurdle.

While oscillators are deeply oversold and prices have approached long-term support levels ahead of the key Budget session, we would prefer to remain cautious and not rush to call a bottom until clear reversal signals or a base formation emerge.

Jan 20, 16:11 IST

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

The benchmark Nifty index witnessed a brutal selloff on Tuesday, tumbling 1.38%, marking its steepest single day decline since April 7, 2025. The sharp fall dragged the index to its lowest closing level since October 15, 2025, as relentless selling pressure dominated throughout the session. On the daily chart, Nifty formed a large bearish candle, underscoring the intensity of the selloff.

With this slide, the index has now corrected over 4% in just 10 trading sessions, one of the fastest short term declines in recent months. Nifty is currently hovering near its 200 day EMA, a crucial long term support zone watched closely by traders and institutional investors. Meanwhile, the daily RSI has dropped to 29.27, its weakest reading since March 2025, indicating oversold conditions but also reflecting strong downward momentum.

Among the Nifty constituents, Bajaj Finance and Jio Finance emerged as the top losers, dragging the index lower. On the flip side, Tata Consumer and HDFC Bank managed to close in the green, offering limited support in an otherwise weak market. All sectoral indices ended in deep red, with Nifty Realty, Nifty Auto, and Nifty Chemical suffering the sharpest cuts, highlighting the broad based nature of the decline.

The pain was even more severe in the broader markets. The Nifty Midcap 100 plunged 2.62%, while the Nifty Smallcap 100 tumbled 2.85%, extending their underperformance. Most notably, the Midcap index closed below its 200 day EMA for the first time since August 2025, signalling a potential shift in medium term trend. The Smallcap index delivered its lowest close since May 2025 and is now trading nearly 6% below its 200 day EMA, reflecting significant stress in high beta pockets of the market.

Market breadth remained extremely weak as the advance decline ratio skewed heavily in favour of losers. Within the Nifty 500 index, a staggering 460 stocks ended in negative territory, capturing the depth of the selloff across sectors and segments.

Nifty View

Going ahead, the 25370–25400 zone will act as the immediate resistance for Nifty. This band has now become a critical supply zone, and as long as the index continues to trade below 25400, the broader sentiment is likely to remain weak.

Failure to reclaim this level may keep the index on its downward trajectory, with the next support placed at 25080. A breakdown below this support could extend the fall towards 24900 in the short term, where the next demand zone is likely to emerge.

Overall, the trend remains bearish, and the index will need a decisive move above 25400 to signal any meaningful pause or reversal in the ongoing corrective phase.

Bank Nifty View

The banking benchmark index, Bank Nifty, also came under pressure on Tuesday, extending the weakness seen across the broader market. The index slipped below its 20 day EMA, signalling a loss of short-term momentum after showing resilience in the previous sessions. The price action has turned subdued, and key momentum indicators, along with oscillators, are now pointing towards a sideways to mildly corrective phase, suggesting lack of clear directional conviction.

Looking ahead, the immediate support for the index is placed in the 59000–58900 zone. A breach below this band could trigger further downside volatility and expose the index to deeper corrective moves. On the upside, the index faces a stiff resistance cluster at 59900–60000, which is expected to act as a crucial hurdle.

Jan 20, 15:08 IST

N ArunaGiri, CEO of TrustLine Holdings

It has been a one-way fall for the small-cap index since the start of November last year. At the index level, small caps are down over 11.5% since then. That alone looks painful, but the reality beneath the surface is far worse. Even in the current month, from January 1st, the small-cap index has fallen by about 7.5%. And this is only the aggregate picture. When we go deeper, the stock-specific carnage is severe. A large number of stocks are down 40–50%.

In fact, one could argue that nearly half the market, particularly across the small-cap spectrum, has seen drawdowns of this magnitude. The pain in mid caps is equally intense. Given the extent of the fall and the brutality of the correction, the obvious question arises: Has this become a buy-on-dips market? Unfortunately, the answer is no. Valuations remain meaningfully above historical averages. Before this correction, the small-cap index was trading at around 28–30x trailing earnings.

Post the fall, valuations have moderated to about 25–26x, but this is still a huge premium to long-term averages. So at a broader market level, small and mid caps continue to look expensive, and it would be naïve to rule out more pain in the space. Does that mean investors should simply sit on the fence and wait for much lower levels? That approach is equally not prudent. At the stock-specific level, for truly bottom-up and selective investors, many compelling opportunities are emerging across small and mid caps, provided one is extremely choosy.

In that sense, this is not a universal buy-on-dips market, nor is it a market to completely stay out of. It is a market that rewards selective bottom-up stock-specific approach. That, in essence, is the story emerging from the current small- and mid-cap carnage. Time to be choosy, selective and bottom-up!

Jan 20, 13:14 IST

Sanjay Kumar, CEO & MD, Rassense

In the terms of the food services industry, the upcoming Union Budget is a good chance to eliminate the structural issues that have been existing over time and open up the way to sustainable development. One of them is GST rationalisation, especially reintroduction of input tax credit (ITC) on organised food service operators.

Even though GST has helped formalisation, lack of ITC has made it difficult to squeeze margins of formalised players who presently take about 45-50 percent of the market and access to institutional funds has also been restricted as far as visibility of costs is low.

The restoration of ITC may generate a good multiplier effect through enhancing a better clarity on costs, flowing formal credit, enhancing compliance, and triggering agri-business linkages along the value chain.

Of equal importance is specialized financial aid in the use of technology and development of skill. As the number of workers in the food services sector is expected to increase to 1 crore by 2028, the issue of structured skilling needs to be undertaken to enhance productivity, quality of service and overall adherence to the changing food safety standards.

The inefficiencies and food waste can be minimised by incentivising automation, digitisation of demand forecasting, and procurement, led by AI. Further, the sustainable practices policy incentives, including energy efficient kitchen equipment, implementation of renewable energy and waste management, can assist in reducing operating expenses and also aligning the industry with the general aim of climate and sustainability pursued by India.

  • Advances 8
  • Declines 42
  • Unchanged 0

Live Markets

Name LTP Chg %Chg Open High Low 52 Week High 52 Week Low Technical Rating
Key Indices

NIFTY 50

25,232.50 -353.00 -1.38 25,580.30 25,585.00 25,171.35 26,373.20 21,743.65 Technical Rating

NIFTY BANK

59,404.20 -487.15 -0.81 59,851.40 59,993.50 59,283.95 60,437.35 47,702.90 Technical Rating

NIFTY Midcap 100

58,085.35 -1,562.30 -2.62 59,626.40 59,634.60 57,898.65 61,548.85 46,865.70 Technical Rating

NIFTY NEXT 50

67,110.90 -1,583.00 -2.30 68,642.85 68,748.75 66,923.15 70,833.65 56,192.45 Technical Rating

NIFTY 100

25,780.95 -401.00 -1.53 26,174.30 26,182.30 25,719.25 26,975.15 22,177.35 Technical Rating

Nifty 200

14,023.95 -247.00 -1.73 14,266.60 14,268.35 13,988.50 14,700.95 11,941.45 Technical Rating

NIFTY 500

22,946.65 -427.10 -1.83 23,365.65 23,368.15 22,888.65 24,144.20 19,519.85 Technical Rating

NIFTY Smallcap 100

16,701.05 -489.65 -2.85 17,185.80 17,186.20 16,660.55 19,224.95 14,084.30 Technical Rating

NIFTY MIDCAP 50

16,635.80 -467.20 -2.73 17,097.25 17,097.30 16,582.60 17,572.45 13,269.65 Technical Rating

NIFTY SMLCAP 50

8,192.45 -233.90 -2.78 8,430.60 8,430.90 8,169.85 9,282.70 6,776.05 Technical Rating

India VIX

12.73 0.90 7.61 11.82 12.90 10.99 23.18 8.72 Technical Rating

NIFTY 750 TOTAL MKT

12,856.40 -243.30 -1.86 13,095.25 13,096.60 12,823.80 13,096.60 0.00 Technical Rating
Sectoral Indices

NIFTY Auto

26,948.10 -684.35 -2.48 27,635.70 27,751.15 26,850.05 29,179.10 19,316.65 Technical Rating

NIFTY IT

38,101.05 -801.45 -2.06 38,753.20 38,809.00 38,023.85 43,959.15 30,918.95 Technical Rating

NIFTY PSU Bank

8,868.85 -117.85 -1.31 8,994.05 9,093.65 8,847.45 9,093.65 5,530.35 Technical Rating

NIFTY Fin Service

27,200.60 -318.35 -1.16 27,525.55 27,526.35 27,136.50 28,065.50 22,320.85 Technical Rating

NIFTY Pharma

21,714.30 -421.95 -1.91 22,128.45 22,130.40 21,668.60 23,492.55 19,121.10 Technical Rating

NIFTY FMCG

51,713.00 -776.95 -1.48 52,586.15 52,616.85 51,595.65 59,302.55 50,199.35 Technical Rating

NIFTY Metal

11,374.45 -218.60 -1.89 11,614.45 11,692.55 11,347.95 11,729.65 7,690.20 Technical Rating

NIFTY Realty

793.90 -42.10 -5.04 834.25 834.25 789.70 1,049.70 765.80 Technical Rating

NIFTY Media

1,360.40 -24.20 -1.75 1,385.95 1,389.40 1,355.00 1,786.15 1,344.40 Technical Rating

NIFTY Energy

33,360.00 -756.80 -2.22 34,097.60 34,156.80 33,284.70 36,938.90 29,313.20 Technical Rating

Nifty Pvt Bank

28,405.15 -274.25 -0.96 28,652.30 28,679.85 28,348.75 29,059.00 23,508.05 Technical Rating

NIFTY Infra

9,003.25 -165.50 -1.81 9,163.75 9,167.15 8,974.15 9,792.60 7,589.95 Technical Rating

NIFTY Commodities

9,341.75 -192.85 -2.02 9,537.00 9,575.85 9,320.95 9,786.80 7,502.95 Technical Rating

NIFTY Consumption

11,666.30 -258.50 -2.17 11,935.40 11,936.70 11,625.40 12,716.20 10,090.65 Technical Rating

NIFTY PSE

9,662.50 -211.75 -2.14 9,871.85 9,879.45 9,633.70 10,225.55 7,956.45 Technical Rating

NIFTY Services

33,048.15 -384.20 -1.15 33,423.05 33,426.80 32,959.70 34,216.65 29,070.85 Technical Rating

Nifty FinSrv25/50

29,733.90 -365.15 -1.21 30,089.80 30,091.20 29,660.80 30,091.20 0.00 Technical Rating

Nifty Cons Durbl

35,328.15 -1,016.00 -2.80 36,306.35 36,317.00 35,227.80 40,472.45 32,205.30 Technical Rating

Nifty Healthcare

13,993.65 -306.70 -2.14 14,289.75 14,289.75 13,963.80 15,144.95 12,561.70 Technical Rating

Nifty Oil & Gas

11,372.25 -192.50 -1.66 11,555.05 11,578.30 11,342.20 12,445.70 9,327.50 Technical Rating

NIFTY India Mfg

14,823.35 -337.10 -2.22 15,163.85 15,177.30 14,784.75 15,177.30 0.00 Technical Rating

Nifty India Defence

7,555.00 -215.65 -2.78 7,764.40 7,791.05 7,518.40 7,791.05 0.00 Technical Rating
Other Indices

NIFTY MIDCAP 150

21,334.60 -543.85 -2.49 21,867.55 21,869.65 21,265.00 22,650.05 17,269.50 Technical Rating

NIFTY MIDSML 400

19,202.90 -502.50 -2.55 19,696.00 19,696.70 19,147.20 20,668.15 15,832.85 Technical Rating

NIFTY SMLCAP 250

15,595.20 -428.85 -2.68 16,017.00 16,018.20 15,557.55 18,077.35 13,314.70 Technical Rating

NIFTY MNC

30,024.45 -531.75 -1.74 30,568.90 30,594.55 29,943.00 31,140.00 23,981.05 Technical Rating

NIFTY AlphaLowVol 30

26,484.80 -429.70 -1.60 26,914.90 26,918.00 26,422.90 26,918.00 0.00 Technical Rating

Nifty200 Momentum 30

30,531.85 -697.15 -2.23 31,257.80 31,265.65 30,429.85 31,265.65 0.00 Technical Rating

Nifty LargeMid250

16,211.65 -332.35 -2.01 16,537.45 16,538.75 16,165.95 17,077.75 13,526.30 Technical Rating

Nifty500 Mul50:25:25

15,761.05 -330.45 -2.05 16,085.35 16,086.55 15,720.80 16,681.75 13,318.60 Technical Rating

NIFTY CPSE

6,378.70 -110.15 -1.70 6,488.60 6,508.55 6,360.50 6,681.80 5,284.25 Technical Rating

NIFTY MID SELECT

13,307.90 -347.30 -2.54 13,656.65 13,658.50 13,261.45 14,118.40 10,382.55 Technical Rating

NIFTY IND DIGITAL

9,132.45 -211.25 -2.26 9,323.90 9,325.45 9,107.15 9,723.25 7,334.40 Technical Rating

NIFTY M150 QLTY50

23,089.65 -548.10 -2.32 23,625.55 23,627.55 23,023.35 23,627.55 0.00 Technical Rating

Nifty Microcap 250

20,823.25 -571.05 -2.67 21,389.80 21,394.00 20,763.40 21,394.00 0.00 Technical Rating

Nifty Capital Market

4,599.10 -129.30 -2.73 4,737.85 4,738.15 4,584.15 4,738.15 0.00 Technical Rating
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